Hartfield & Co. — Investment Banking

Coverage & AdvisoryProject AtlasApril 2026

Strictly Confidential — Discussion Materials

Project Atlas

Strategic alternatives review for the Board of Directors of NorthPeak Industries, Inc.

Demo data / fictional sample

Prepared forBoard of Directors
NorthPeak Industries, Inc. (NYSE: NPK)

Prepared byHartfield & Co.
Industrials & Industrial Tech, M&A

DateApril 24, 2026

EngagementStrategic alternatives — sell-side, IPO, recapitalization, status quo

Sample statusAll companies, tickers, dates, market metrics, valuation outputs, and source labels are fictional placeholders for Open Design demonstration only.

Volume IV · Edition 02

Hartfield & Co.

Project AtlasDiscussion Materials02 / 10

Contents

A working roadmap for the next 90 days

Discussion materials prepared at the request of the Board to frame strategic options ahead of the May 14 strategy session.

Sector context & market dynamicsp.03Industrial automation cycle, capital flows, trading multiples
Trading comparables analysisp.0412 selected listed peers, EV/EBITDA & EV/Revenue 2026E
Precedent transactionsp.05M&A transactions $0.5–5.0B, 2022–2025
Valuation football fieldp.06Six valuation methodologies, indicative range
DCF output & sensitivityp.075-year explicit, terminal value, WACC × g
Strategic alternatives matrixp.08Status quo · sale · IPO · recap — pros, cons, value
Recommendation & process timelinep.09Suggested path, indicative milestones
Disclaimers & appendixp.10Demo-data notice, methodology notes, required disclosures

Hartfield & Co.

Project Atlas · §1Sector Context03 / 10

Section 1 · Sector context

Industrial automation is recoupling with capex.

Sector EV / EBITDA '26E14.8×+1.4× vs. 5-yr avg

Median EV / Revenue2.7×+0.3×

YTD M&A volume$48.2B+22% YoY

PE dry powder, sector-tagged$184B+9%

NPK relative perf., 12M+18.4%−6pp vs. peers

Sector EV/EBITDA — rolling 36 months

Source: demo dataset — fictional placeholders

Sector EV/EBITDA 5-year average

"Strategics with clean balance sheets and PE sponsors are competing again on industrial-tech assets — bid–ask is the narrowest it's been since 2021."

Three signals point to a re-opening window for NorthPeak. (i) Strategic acquirers in adjacent automation segments have re-prioritized inorganic growth in their FY26 capital plans. (ii) The mid-cap PE bid is back, with 17 sector-tagged funds raised in the past 9 months. (iii) Public market multiples have re-rated +1.4× since Q4'24, narrowing the discount the company would absorb in a process today.

Strategic interest

8 likely

Sponsor interest

12 likely

Process tone

Targeted

Hartfield & Co.

Project Atlas · §2Trading Comparables04 / 10

Section 2 · Trading comps

Where NorthPeak trades today.

Twelve listed peers selected on revenue scale ($0.6–4.5B), industrial-automation exposure, and adjusted EBITDA margin profile. NorthPeak's headline 12.5× '26E EV/EBITDA sits in line with the peer median (12.4×) — the softer equity story is growth and mix: lower disclosed organic growth (4.8% vs. 7.1% median) and a thinner high‑margin services contribution.

Selection criteria

'26E revenue $0.6B–$4.5B
≥35% revenue from industrial automation, controls, or test & measurement
Adj. EBITDA margin between 14% and 32%
Listed on a major US, EU, or APAC exchange (excl. micro-caps)
2+ sell-side analysts publishing forward estimates

Company	Country	Mkt Cap ($M)	EV ($M)	Rev '26E ($M)	EBITDA '26E ($M)	EV/Rev	EV/EBITDA	Org. growth
Aldenberg Controls	US	3,847	4,210	1,612	329	2.6×	12.8×	+6.8%
Brunswick Automation	DE	2,194	2,488	982	176	2.5×	14.1×	+5.4%
Calder Industrial Tech	US	5,720	6,012	2,140	462	2.8×	13.0×	+8.1%
Daiyo Precision	JP	1,962	1,734	904	148	1.9×	11.7×	+4.9%
EvoControl Systems	US	3,310	3,580	1,210	278	3.0×	12.9×	+9.2%
Fenstra Industrials	NL	1,485	1,612	720	118	2.2×	13.7×	+5.0%
Greythorne Robotics	UK	2,012	2,124	740	188	2.9×	11.3×	+11.2%
NorthPeak Industries	US	1,884	2,108	1,040	168	2.0×	12.5×	+4.8%
Pinevale Test & Meas.	US	4,120	4,388	1,720	402	2.6×	10.9×	+7.1%
Sierra Drives	US	2,840	3,012	1,180	248	2.6×	12.1×	+8.4%
Trentham Sensors	UK	1,118	1,194	582	96	2.1×	12.4×	+5.7%
Vortex Automation	US	3,540	3,728	1,330	312	2.8×	12.0×	+8.7%
Median (excl. NPK)	—	2,840	3,012	1,180	248	2.6×	12.4×	+7.1%
Mean (excl. NPK)	—	2,923	3,099	1,193	251	2.5×	12.4×	+7.3%

Hartfield & Co.

Project Atlas · §3Precedent Transactions05 / 10

Section 3 · Precedents

M&A market has paid 11.8–14.2× for assets like NorthPeak.

14 transactions screened, 9 retained based on size, sector overlap, and disclosure quality. Strategic-led deals carry a +1.6× premium over sponsor-led on EV/EBITDA, consistent with synergy capture in adjacent OEM channels.

Date	Target	Acquirer	Type	EV ($M)	Rev ($M)	EBITDA ($M)	EV/Rev	EV/EBITDA	Premium
Mar 2025	Quanta Drives	Schneider Electric	Strategic	2,840	1,012	212	2.8×	13.4×	+38%
Nov 2024	Hilltop Sensors	Honeywell	Strategic	1,720	612	122	2.8×	14.1×	+42%
Sep 2024	Marquette Automation	KKR Industrial Fund VI	Sponsor	3,140	1,180	262	2.7×	12.0×	+27%
Jun 2024	Bramwell Test & Meas.	Fortive	Strategic	1,490	540	108	2.8×	13.8×	+44%
Feb 2024	Easton Controls	Carlyle Industrial Tech	Sponsor	2,210	912	184	2.4×	12.0×	+24%
Oct 2023	Crestmark Robotics	Emerson Electric	Strategic	2,640	1,008	192	2.6×	13.8×	+36%
Jul 2023	Driscoll Industrial	Apollo	Sponsor	1,940	820	168	2.4×	11.5×	+22%
Apr 2023	Yardley Precision	ABB	Strategic	1,212	462	92	2.6×	13.2×	+39%
Dec 2022	Westgate Automation	Bain Capital	Sponsor	2,510	1,070	222	2.3×	11.3×	+19%
Median — strategic (n=5)	—		—	2,640	1,008	192	2.8×	13.8×	+39%
Median — sponsor (n=4)	—		—	2,360	966	203	2.4×	11.8×	+23%

Hartfield & Co.

Project Atlas · §4Valuation Football Field06 / 10

Section 4 · Valuation

Six methods, one indicative range.

Indicative per-share equity value across six methodologies, intersected with the current $42.10 trading price (April 22 close). The composite range of $48 – $63 per share implies a 14–50% premium versus today.

"There is real-money upside in every method we ran. The Board's question is which path captures it with the lowest execution risk."

Trading CompsEV/EBITDA '26E · 11.0–14.0×

$41 – $54

Precedent Trans. — SponsorEV/EBITDA · 11.0–13.0×

$44 – $52

Precedent Trans. — StrategicEV/EBITDA · 13.0–15.5×

$54 – $66

DCF (base case)WACC 9.0% · g 2.5%

$50 – $63

LBO Analysis5-yr · 22% IRR floor

$45 – $54

52-week rangePublic market

$36 – $48

$30$40$50$60$70

Composite range

$48 – $63

Premium to current

+14% / +50%

Implied EV

$2.6B – $3.4B

Hartfield & Co.

Project Atlas · §5DCF & Sensitivity07 / 10

Section 5 · DCF

A discounted-cash-flow that does the work.

5-year explicit forecast, terminal value via perpetuity growth. WACC of 9.0% blends a 4.4% risk-free rate, 5.8% ERP, levered β of 1.10 and 28% target leverage. Working-capital cycle held flat at 47 days; capex at 4.2% of revenue.

Revenue CAGR (FY26–FY30E)+6.4%

Adj. EBITDA margin (terminal)19.5%

WACC (base)9.00%

Terminal growth (base)2.50%

Implied EV (base)$2,920M

Implied equity value / share$56.40

Sensitivity — implied equity value / share

		Terminal growth rate
		1.5%	2.0%	2.5%	3.0%	3.5%
WACC	8.0%	$54.20	$58.10	$62.80	$68.40	$75.30
	8.5%	$50.90	$54.20	$58.10	$62.70	$68.20
	9.0%	$47.80	$50.70	$56.40	$58.00	$62.60
	9.5%	$45.10	$47.50	$50.40	$53.80	$57.80
	10.0%	$42.60	$44.70	$47.20	$50.10	$53.60

Highlighted cell = base case · all values rounded to nearest $0.10 · pre-synergy

Pre-flight checklist · run by audit-xls

✓ Balance sheet ties ✓ Cash flow reconciles ✓ No hardcoded forecast ✓ Terminal > trough margin ✓ Demo sources labeled ✓ Sensitivity ±2σ

Hartfield & Co.

Project Atlas · §6Strategic Alternatives08 / 10

Section 6 · Strategic alternatives

Four paths, one we'd recommend pursuing first.

Option A · Status quo

Continue as standalone public company

~$42Indicative / share

For

Preserves optionality
No execution risk
Captures full operating upside if margin plan delivers

Against

Requires re-rating that may not come
Limited TAM expansion organically
Activist exposure remains

Option B · Recommended

Targeted strategic sale process

$58 – $63Indicative / share

For

Strategic premium ~$1.6B in synergies (channel, COGS)
Limited number of credible bidders → tight, controllable process
Cleanest tax outcome for long-tenured holders

Against

Antitrust review on top-3 strategics adds 4–6 months
Customer-overlap concerns require carve-out planning

Option C · IPO of Test & Meas. segment

Carve-out + spin / partial IPO

$50 – $55Indicative / share

For

Unlocks multiple arbitrage on the higher-growth segment
Retains controls business as a clean cash compounder

Against

Carve-out cost & complexity (TSAs, ERP)
IPO-window dependent
Stranded-cost overhang on RemainCo

Option D · Sponsor-led recap

Take-private / minority recapitalization

$48 – $54Indicative / share

For

Speed and certainty of execution
Permits longer-horizon investment without quarterly drag

Against

Lower premium than strategic outcome
Leverage post-deal limits flexibility
Roll-over economics complex for management

Hartfield & Co.

Project Atlas · §7Recommendation09 / 10

Section 7 · Recommendation

Run a narrow, fast strategic process.

Authorize a 4-month Hartfield-led process targeting 3–5 strategic acquirers, with a single contingent sponsor backstop, on a path to signed announcement by August 28, 2026.

A targeted process maximizes the probability of capturing the strategic-premium ($58–$63 per share) while limiting market disclosure risk. Sponsor outreach is held in reserve to discipline pricing. The Board retains full optionality to re-rate & remain public if no offer clears the agreed reservation price.

Process timeline (indicative)

01Board approval & engagement letter executionApr 30

02Management presentation, CIM, financial model finalizedMay 2 – May 22

03Confidential outreach, NDAs, first-round process letterMay 26 – Jun 12

04First-round bids · selection of 2–3 finalistsJun 30

05Management meetings · diligence room · financing commitmentsJul 1 – Jul 31

06Final bids · negotiation · documentationAug 1 – Aug 26

07Signed announcement (or formal close-out)Aug 28

Hartfield & Co.

Project Atlas · AppendixDisclaimers & Sources10 / 10

Appendix

Disclaimers, sources, and methodology.

Important disclosures

These materials have been prepared by Hartfield & Co. for the exclusive use of the Board of Directors of NorthPeak Industries, Inc. They are intended to provide a basis for discussion only and are not, and may not be relied upon as, financial, investment, legal, tax, or accounting advice. Recipients should consult their own professional advisors.

Demo-data notice: NorthPeak Industries, Hartfield & Co., Project Atlas, all people, dates, tickers, financial figures, valuation outputs, process dates, and source labels in this artifact are fictional illustrative placeholders created for Open Design demonstration only. They are not sourced from live market data, filings, third-party vendors, or management materials.

In a live engagement, the financial analysis must be derived only from documented source material such as public filings, licensed third-party data, user-provided management materials, or explicitly labeled assumptions. Each figure should carry a source date and should be traceable to a citation log before external distribution.

Trading multiples, projections, and precedent-transaction metrics in this sample are synthetic and should not be reused as factual market observations. Replace this sample source block with engagement-specific citations, freshness dates, licensing notes, and the firm's required review status.

The nominal valuation outputs presented are indicative and are intended to frame the Board's discussion of strategic alternatives. They are not a recommendation to enter into, or refrain from entering into, any specific transaction. Any decision to pursue a transaction will require independent Board approval, fairness analysis at the appropriate juncture, and customary regulatory and shareholder approvals.

Engagement team

Hartfield & Co. — Industrials & Industrial Tech

Lead: Margaret Eun, Managing Director
Coverage: David Brennan, Director
Execution: Aisha Patel, VP · Lukas Marek, Associate

Demo source status

Synthetic Open Design demo dataset · no live vendor feeds · no filings · no MNPI · no management materials

Generated with

open-design v0.18 · skill: pitch-agent · vertical: investment-banking · ds: editorial-monocle · model: claude-opus-4.7 · turn: 7f3a91 · pre-flight: passed · checks: ib-check-deck (pass) · audit-xls (pass)